Mystery proposals by Millenium hold up Daewoo EGM

Yesterday's Extraordinary Shareholders Meeting of Daewoo-FSO was suspended until May 13 due to new proposals by the company's main creditor, Bank Millenium. The proposals, which came as a great surprise but remain undisclosed, are said to take into account the stance of the other banks according to Millenium's representatives. Now the proposals await consideration by all creditors, the banks and the State Treasury and by Daewoo-Motor Poland, said Daewoo-FSO Management Board member Michał Relewicz, though he would not reveal details of the proposals. A vote over consent to reduce the company's staff by almost half, scheduled for yesterday's meeting, also failed to take place as did two other items on the agenda. The company's trade unions oppose the planned redundancies. (Puls Biznesu, p. 9) K.Ż.